Hello traders!
Yesterday, gold received important information from the speech of the Fed chairman, and it reacted strongly as the price continued to rise and is currently trading at $1886, an increase of about $13 in a day, reaching the previously set target of $1970.
The recovery of the precious metal is supported by the decline of the US dollar (USD) after cautious comments from Fed Powell, and gold has become a safe haven for investors as tensions in the Middle East continue to escalate.
From the analysis chart:
The downward trend line has been completely broken, establishing a new upward trend. Currently, gold is operating at a strong resistance level of $1980. If it can surpass this resistance level, there is a possibility of further price increases.
Yesterday, gold received important information from the speech of the Fed chairman, and it reacted strongly as the price continued to rise and is currently trading at $1886, an increase of about $13 in a day, reaching the previously set target of $1970.
The recovery of the precious metal is supported by the decline of the US dollar (USD) after cautious comments from Fed Powell, and gold has become a safe haven for investors as tensions in the Middle East continue to escalate.
From the analysis chart:
The downward trend line has been completely broken, establishing a new upward trend. Currently, gold is operating at a strong resistance level of $1980. If it can surpass this resistance level, there is a possibility of further price increases.
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